NBC finalises deal for Euronews stake
Date
5/31/2017 1:00:05 PM
(MENAFN- AFP) NBC News has finalised its deal to take a 25 percent stake in Euronews as it seeks to compete on a more global scale, the European broadcaster said on Wednesday.
NBC will pay 25 million euros ($28.1 million) for the stake and its familiar "peacock tail" will feature in the logo of the newly renamed EuronewsNBC channel.
The US company, a unit of Comcast's NBCUniversal, will bring resources and know-how to help Euronews, based in the eastern French city of Lyon, revamp its production model from top to bottom.
Since its creation in 1993, Euronews has broadcast the same stories on all of its different language channels, redubbed for local audiences. But now it will switch to running 12 national channels, each with its own editorial processes.
Under the transformation plan, Euronews will also launch morning and evening programmes and talkshows, and move towards using more on-screen presenters.
The channel will also create "a network of correspondents in all the major European capitals," Euronews chief Michael Peters told AFP.
Egyptian telecom and media magnate Naguib Sawiris, will see his controlling stake in Euronews increase from 53 to 60 percent with the injection of "several million euros".
Older shareholders, largely public broadcasters who did not want to boost their investment, will see their stake fall from 47 to 15 percent.
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